two petitions at the same time (H1 to F1 and H1 transfer)

[h1behelp]

Hi,

My company is laying me off, and I don't want to lose my H1 status in case of F1 rejection. Here is my question:
Can I file COS petition from H1 to F1 and H1 transfer at the same time or with few days gap?
I mean, if company B files my transfers on March 16th, and I file COS from H1 to F1 on 17th of March. How USCIS would handle my case?
Considering Company B is running my payroll after filing transfer case. I will stop working once my F1 is approved but will continue working if F1 gets rejected.

[kabkaba]

Depending upon the date of receipt by USCIS, last action will count.

[txh1b]

Depending upon the date of receipt by USCIS, last action will count.

Last action is based on approval, not receipt.

[kabkaba]

Yes, I meant last action of the applicant.